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Thai Airways International records 80.7% profit decline in first quarter 2024
May 13th 2024
Thai Airways International (THAI) earned a 2.4 billion baht (US$66 million) net profit for the three months to March 31 down from a 12.5 billion baht profit in the same quarter in 2023. Read More » The flag carrier’s net fiscal 2023 results were boosted by one-time gains from its debt restructuring and sale of assets. THAI said its 2024 financial performance to date was impacted by one time losses from foreign exchange movements, impairment of assets and passenger revenue adjustments, among other factors. Operating revenue increased 10.7%, to 46 billion baht, THAI said in a regulatory filing. The Star Alliance member was operating 76 aircraft at March 31 compared with 86 airliners a year ago. It plans to add three A350-900s and one 787-9 to its fleet in second quarter 2024. THAI “is aiming to restore positive equity in 2024 and for THAI’s securities to resume trading on the stock market, creating confidence among creditors, existing shareholders and investors in supporting THAI to grow strongly and sustainably, generating consistent profit”.
